E-Trade trading cryptocurrency products soon! According to a source that spoke to Bloomberg Friday, E-Trade will offer Bitcoin and Ether trading for its 5 million customers!
E-Trade is apparently taking the approach of making something available, and customers will flock to it. It also helps that their rivals are entering the cryptocurrency market as well.
E-Trade enters a crowded field of cryptocurrency investment vehicles, including Coinbase and Cash App, Square’s offering.
Nathaniel Popper, a tech journalist for the New York Times, was also told about E-Trade’s development. He also remarked how the move comes after TD Ameritrade offering Bitcoin trading for some of their customers.
E-Trade will go up against another rival, Robinhood. Except Robinhood offers commission-free stock trading and is a favorite among Millennials for its ease of use and zero brokerage fees.
More pointedly, Robinhood actually overtook E-Trade back in May of 2018 – something E-Trade hasn’t forgotten.
Robinhood’s early adoption of cryptocurrency was another win for Robinhood’s already millennial-friendly platform. Robinhood has also moved to secure the coveted BitLicense to operate in New York!
E-Trade stands in a good position, nevertheless, to capture a chunk of millennial traders for their platform. In fact, 43% of millennials say they trust cryptocurrencies more than the stock market. Meanwhile, 25% of millennials are already using or saving crypto assets. This will only become larger.
E-Trade is reportedly finalizing talks with a third party for digital asset custodial services. This is due, in large part, to the inevitable amount of cryptocurrency “HODLers”, those looking to save for the long term, wanting to ensure the possession of their assets.
E-Trade day traders will clearly infuse the market with massive amounts of liquidity and volatility. What do you think? Will this bring more people in? Are you bullish on crypto? Let us know on our Facebook Page!
